Operating as a market infrastructure and designated by the Eurosystem, European DataWarehouse aims to increase transparency and restore confidence in the ABS market. The company became fully operational in January 2013 and is funded and owned by a mix of 17 market participants including large corporations, professional organisations, and banks.
About us and mission
Converting Data into Market Trust
European DataWarehouse (ED) is the first and the only centralised securitisation repository in Europe for collecting, validating and distributing detailed, standardised and asset class specific loan-level data for Asset-Backed Securities (ABS) and private whole loan portfolios. ED stores loan-level data and corresponding documentation for investors and other market participants. Through ED’s data, users are able to analyse underlying portfolios and compare portfolios on a systematic basis.
ED was established in 2012 as part of the implementation of the ECB ABS loan-level initiative. Since its inception as an initiative by the leading participants of the European securitisation market, ED has collected LLD and relevant documentation for more than 1,200 transactions.
The economic and financial crisis of 2008 showed the need for more transparent and timely information on the underlying loans or asset pools of Asset Backed Securities (ABS) and their performance in a standardised format. This was necessary to help investors and rating agencies to perform proper due diligence.
Standardised Loan-Level Data
The European Central Bank (ECB) together with LCM Partners introduced the concept of standardised loan-level data reporting across Europe that could be accessed through a centralised database or portal.
ABS Loan-Level Data Initiative
In December the ECB announced the ABS loan-level data Initiative in the Eurosystem collateral framework and a number of Technical Working Groups (TWG) were formed to advise and assist the ECB to help it formulate and finalise specific ABS reporting templates. TWG members consisted of leading investors, originators, rating agencies, industry associations and five NCBs.
Introduction of a Central Utility
ECB President Jean-Claude Trichet invited market participants to lend their support and create a central utility (portal or warehouse) external to the Eurosystem to process, verify, store and manage the data. Following a procurement process, whereby more than 50 organisations participated, European DataWarehouse was launched in December 2011. ECB published specific reporting templates for SME and RMBS.
The Launch of European DataWarehouse
At the end of June, following a private placement of shares, European DataWarehouse GmbH (ED) was formed in Frankfurt, Germany. Shareholders include a diverse mix of leading institutions including banks, rating agencies, guarantors and associations from across Europe. In November ED was officially launched with events at the ECB in Frankfurt and European DataWarehouse’s office.
A Successful Start
European DataWarehouse officially started operating on January 3rd in Frankfurt. During the first year, over 600 RMBS and SME transactions were created in EDwin and more than 350 clients, including data users, issuers, trustees, servicers and rating agencies, registered with ED. ED developed a free software called ED Data Conversion Toolkit to allow easy upload of XML loan-level data (LLD) files through Excel or CSV. At the end of 2013, ED also launched a premium software called EDplus for data users to download LLD into a local database for query-based analysis.
Data Collection and Distribution
At this point, more than 800 ABS deals had been created in Edwin including RMBS, SME, Auto, Consumer Finance, Leasing and Credit Cards. ED data was also made available through major data vendors. To enhance data user experience, direct download of ABS data in Excel format was introduced. Other highlights of 2014 included achieving an investor client base of over 100 and launching a private area within EDwin for ABS transactions.
Product Launches and Enhancements
The year 2015 was characterised by the development of new products and further software enhancements. To enrich the data user experience, stratification templates were extended to all asset classes along with a release of a deal document repository to better facilitate the investor analysis by allowing direct access to both the LLD and documents such as investor reports and deal commentary. This was followed by the introduction of EDcloud, an additional easy-to-use channel for Data Users to access the universe of LLD stored in Edwin. For Data Owners, ED developed a Data Quality Tracking System to more efficiently address remaining data quality issues. In this context, ED Quality Checker (EDQC) for RMBS and SME, a pre-screening data quality tool designed for DO/DPs, was also launched in February.
In December 2016, the company announced Dr. Christian Thun as Chief Executive Officer of European DataWarehouse. Prior to joining ED, Dr. Thun worked at Moody’s Analytics for almost 14 years. In the early stage of his career, Mr. Thun was a team leader at the risk consulting firm Baetge & Partner (an OliverWyman affiliate) and also worked in structured finance for Dresdner Bank in Frankfurt and London.
Commenting on the appointment, ED’s Chairman José Manuel González-Páramo stated: “In the four years since its inception the European DataWarehouse (ED) has contributed to the transparency in the European ABS market. We are very grateful for the vital role that Markus Schaber in his capacity as CEO has played in this successful development. With the appointment of Christian as CEO I am confident that ED will continue its success but also broaden its scope of activities and I am looking forward to his involvement in shaping ED’s strategy.”
In 2017, European DataWarehouse launched two powerful new platforms, EDitor and EDvance.
EDitor was developed for customers who are required to report loan-level data to ED. EDitor is an integrated web application which facilitates the seamless analysis and upload of loan level data (LLD). It allows Data Owners and Data Providers to pre-screen and analyse the LLD file and upload it directly to Edwin.
EDvance was designed to allow users access to rich, seamless loan & bond level data, in an easy, convenient and interactive way. To this day, it provides users a completely new way to access loan and bond level data and aimed to meet the requirements of investors, analysts and researchers.
In 2018, European DataWarehouse continued to expand its suite of offerings and showcase its value with a series of product launches and regulatory developments. In January, European DataWarehouse announced its intention to become the first securitisation repository under the new STS framework. Throughout the year, the team worked tirelessly to prepare clients for the January 1st deadline for the new Securitisation Regulation, which included a Gap Analysis and the launch of a new regulatory solution within the EDitor platform.
In addition, ED launched a UK subsidiary in the fall of 2018. This important step symbolised ED’s commitment to the UK market, and proved its preparedness for the potential effects of both Brexit and the Securitisation Regulation.
Today, European DataWarehouse continues to serve customers in the ABS market with an extensive suite of products and solutions. Our business continues to grow and evolve to meet the ever-changing regulatory needs of the market.
What our Customers say
“As a founding shareholder of EDW, Santander continues to be committed to promoting best practice and transparency in the securitisation market. Hence our continued support and investment in EDW. EDW has worked tirelessly towards the goal of greater data transparency for the securitisation market, and we are confident that their long experience in providing data repository services which are a benchmark in the market will be rewarded with a successful application.”
Santander Global Corporate Banking
“Since the ABS Loan-level Initiative was launched by the Eurozone in 2012, European DataWarehouse has played a leading role in providing standardised and reliable information to securitisation market participants. EDW’s application as a securitisation repository is the natural continuation of these efforts. Their expected success in this process will be another milestone in rebuilding investor confidence in the securitisation market.”
“Sapient Global Markets views the European DataWarehouse as an important part of the market infrastructure. We look forward to continuing to support ED.”
Sapient Global Markets
“TSI is a founding shareholder of European DataWarehouse. The transition of European DataWarehouse from being data repository under the ECB regime to become a securitisation repository under the new securitisation regulation does mark an important step for the evolution of the European securitisation market. Team, track record and know-how from EDW will support issuers and investors along this way.”
True Sale International
“For the Dutch Securitisation Association (DSA), European Datawarehouse has added their in-depth knowledge of data quality issues to our own efforts to increase transparency and standardisation of (Dutch) securitisation transactions. With the EDW application to become a Repository under the Securitisation Regulation we expect to be able to further develop our productive cooperation in this field”.
Dutch Securitisation Association
Who we Are
Head of Sales & Customer Relations
Head of Business Development & Regulatory Affairs
Head of Data Management & Customer Service
Gopala Krishnan Sankaran
Chief Technology Officer
Chief Financial Officer
Head of Research
Chief Executive Officer
Structured Finance Data Manager
Senior Technical Analyst
Senior Structured Finance Data Analyst
Senior Technical Analyst
Vice President, Senior Business Development Manager
HR & Office Manager
Client Service Manager
Structured Finance Data Manager
Vice President, Key Account Manager
Diane Wathen Vogelpohl
Marketing & Communications Manager
loans or loan parts